Moderna raises $500M to move mRNA drugs deeper into human tests
Summary
The huge series G round equips Moderna to gather more data on its pipeline of mRNA candidates and build out its manufacturing capabilities ahead of its long-anticipated IPO. The new backers were joined by some of the companies that participated in its earlier rounds, including Fidelity, Pictet and Viking Global Investors. The biotech will use the time to push some of its mRNA candidates into phase 2 trials, invest in the manufacturing infrastructure that is critical to its long-term plans and lay the early-stage groundwork for waves of new pipeline prospects. Moderna positioned itself to embark on those efforts over the past two years, during which time it began its evolution into a clinical-phase biotech. “We continue to execute across the organization and against our goal of rapidly building a pipeline of mRNA medicines, which we have demonstrated by moving 10 candidates into the clinic over the past 24 months,” Moderna CEO Stéphane Bancel said in a statement.